South Korea’s Energy Agency has announced a competitive bidding for offshore wind projects with a capacity of 1.25 GW and 1 GW solar projects in the first half of 2025.
The offshore wind tender for the first half of this year will focus on fixed-bottom projects. Out of the total 1.25 GW capacity, 500 MW will be offered through the public-led bidding market, with the remaining 750 MW designated for the general bidding market.
According to South Korea’s Ministry of Trade, Industry and Energy (MOTIE), the competitive bidding for offshore wind will be taking place twice a year. The floating offshore wind and onshore wind tenders are planned to be launched in the second half of this year, and the capacity offered will depend on demand and the remaining volume.
This year’s offshore wind bidding evaluation will introduce a new security index, which will account for eight points in public-led projects and six points in general projects. The scoring criteria is expected to include the stability of power generation facilities and energy supply, said MOTIE.
The ceiling price for the fixed-bottom offshore wind tender this year remains the same as last year at KRW 176,565 (EUR 113.33) per MWh.
When it comes to solar projects, 1 GW of capacity will be offered for bidding. The upper limit of the fixed price will be slightly lower than last year, from KRW 157,307 to 155,742, said MOTIE.
In response to the increasing demand for renewable energy from 100 per cent Renewable Energy (RE100) companies, the government will continue with its power purchase agreement (PPA) intermediary market. The ministry also plans to expand the scope and duration of PPA contracts.
At the end of last year, South Korea awarded nearly 1.9 GW of capacity across four fixed-bottom offshore wind projects and one floating project.
Recently, the country’s largest privately led offshore wind farm entered commercial operation . The 96 MW Jeonnam 1 project is located nine kilometres from Jaeundo in Shinan County, Jeonnam Province, and features 10 Siemens Gamesa SG 10.0-193 DD turbines.